Recently, the President of the Federal Republic of Nigeria President Muhammadu Buhari, replaced the Economic Management Team with an Economic Advisory Council. The Economic Advisory Council is expected “to advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.”
The council comprises of experts and individuals of renown in their fields. The members of the Economic Advisory Council includes the following:
Prof. Doyin Salami (Chairman)
Dr. Mohammed Sagagi (Vice-Chairman)
Prof. Ode Ojowu (Member)
Dr. Shehu Yahaya (Member)
Dr. Iyabo Masha (Member)
Prof. Charles Soludo (Member)
Mr. Bismark Rewane (Member)
Dr. Mohammed Adaya Salisu (Secretary of the council and is a Senior Special Assistant to the President of Development Policy).
A brief synopsis of each Member:
He is a senior lecturer at Lagos Business School where he leads sessions in the economic environment of business. He has also served as Director of programmes for five years until January 2005. Mr Salami is a doctoral degree graduate of Queen Mary College, University of London. His research interests include corporate long-term financial management; macroeconomic policy; corporate competitiveness and risk management; and characteristics of small and medium enterprises (SMEs). He served as a member of the Monetary Policy Committee of the Central Bank of Nigeria and had been a member of the Federal Government’s Economic Management Team.
Mr Sagagi has a Certificate Course in Making Markets Work for the Poor from Springfield Center, Durham UK; PhD (Economics) from University of Warwick, Coventry, England (1985) with thesis on Commercial Policy and Industrialization in Nigeria; and M Sc. (Economics) from the University of Warwick, Coventry, England (1981). He bagged his B Sc. in Economics with First Class Hons. from Ahmadu Bello University, Zaria, Nigeria in 1977. He serves as Political Economy and Government Relations Adviser at a DFID-funded Programme on Skills Development and Entrepreneurship (Mafita) in Northern Nigeria.
He is an Economist and Development Consultant with a strong academic background and extensive private sector experience in Nigeria. His expertise and ability to carry out research, conduct diagnostic studies, design interventions as well as formulate practical development strategies.
Ode Ojowu was born, August 16, 1948, and is a Nigerian economics professor and a former Chief Executive of the National Planning Commission. He was also Chief Economic Adviser to Former President Olusegun Obasanjo between 2004 and 2005. He has held positions at the International Monetary Bank, the World Bank, and the United Nations Development Programme. He was a professor of economics at the University of Jos. In 2008 Ojowu was appointed the head of the governing council of the Benue State University.
Prior to his appointed as the Chairman of the Board of Directors of Development Bank of Nigeria Plc (DBN) in March 2017, Mr Yahaya was the Bank’s Interim Managing Director. He has an outstanding career in Academia and Development Finance, having held management and executive roles, including Executive Director at the African Development Bank and member, Monetary Policy Committee of the Central Bank of Nigeria.
Before joining the African Development Bank, he served as Deputy General Manager at Nigeria Export-Import Bank (NEXIM). He was a lecturer in Macroeconomics at the Department of Economics at the University of Sussex, UK and Head of Economics Department in Bayero University Kano, Nigeria.
Iyabo Masha is the only woman appointed to the Economic Advisory Council. She is a global economist with a demonstrated history of working in central banking and financial markets, economic management, international lending, finance and development. Strong focus on macroeconomic stabilization policy research and implementation.
She has worked with the International Monetary Fund since 2003 in Washington D.C. Metro Area. The assignments in more than 10 emerging markets (Asian and African countries) focus on comprehensive economic management including (i) policy reform advisory services and dialogue with governments (ii) financing and lending programs; (iii) analytic research and economic modelling and forecasting.
Specifically, she helps design for national governments and central banks, implementable solutions specific to their circumstance. She also ensures that key economic and financial policy reforms are focused on fiscal and debt sustainability; foreign reserve adequacy; improving the transmission mechanism of monetary policy; achieving depth, safety and soundness in the financial sectors.
Charles Chukwuma Soludo
Soludo is an alumnus of the University of Nigeria, Nsukka, where he graduated with a first-class degree in Economics. He also undertook his postgraduate and doctorate degrees in Economics from the same University winning on both occasions, the prize for the best graduating student.
Mr Soludo, a professor, had cumulative four years of post-doctoral training in some of the world’s most prestigious institutions, including: The Brookings Institution, Washington, DC; University of Cambridge, UK, as Smuts Research Fellow and Fellow of the Wolfson College; the UN Economic Commission for Africa as a Post-Doctoral Fellow; University of Warwick as a Visiting Scholar and Visiting Research Scholar at Center for African Economies, University of Oxford (with funding by the Rhodes committee). He is expected to bring to the Economic Advisory Council tremendous experience in monetary policy issues.
Bismarck J. Rewane
Mr Rewane is the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited in Lagos. He has more than thirty years of experience as an Economist, Banker & Financial Analyst. He is a Chartered Member of the Institute of Bankers of England and Wales and a Fellow of The Nigerian Institute of Bankers.
He bagged PhD in Economics from Lancaster University, Lancaster, United Kingdom (1990). His thesis was titled “Oil Exports and the Nigerian Economy: An Econometric Study.” He also bagged MSc degree in Economics from University of Maiduguri, Maiduguri, Nigeria in1986 and BSc (First Class Honors) in Economics also from the University of Maiduguri, Maiduguri, Nigeria, in 1982.
The Economic Advisory Council will be reporting directly to the President. The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President. The Chairman may, however, request for unscheduled meetings if the need arises.
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